DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES Clause Samples

The 'Damage to Property and Consequential Losses' clause defines the responsibilities and liabilities of parties in the event that property is damaged and outlines whether losses that arise as a consequence of such damage are recoverable. Typically, this clause specifies what types of property damage are covered, who bears the risk, and may limit or exclude liability for indirect or consequential losses such as lost profits or business interruption. Its core function is to allocate risk between the parties and provide clarity on the extent of compensation available, thereby preventing disputes over unforeseen or secondary losses resulting from property damage.
DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES. Each Party bears the consequence of physical damage it causes to property owned by or in the safekeeping of a Third Party, as well as the consequential loss suffered by the other Party, provided this results from total or partial failure to fulfil its obligations under the Contract. However, each Party's liability in respect of the other by virtue of this article is limited to the maximum amounts specified in article 18.3 of the General Terms and Conditions. Accordingly, each Party waives any recourse against the other Party and/or its insurers for any loss exceeding the said limits. In addition, each Party promises and guarantees to obtain a waiver from its own insurers regarding any recourse under the same terms and limits. By way of exception, should a case of non-performance of an obligation incumbent on the Storage Facility Manager under the Contract be caused by an act or omission on the part of TERÉGA under the gas transport contract with the Customer, the Parties acknowledge that only the latter contract shall apply to any harmful consequences of the said non-performance.
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DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES. Each Party will bear liability for any property damage caused to facilities, installations and equipment belonging to the other Party or which this Party is responsible for, as well as any consequential losses, such as loss of profit, and more generally any damage other than personal injury and material damage suffered by the other Party, inasmuch as this results from the non-performance or unsatisfactory performance of its respective obligations under the Contract and provided that the injured Party can provide proof of the fault, the existence and cause of the damages and justify their quantification, without involving any speculative factors. However, the liability of each Party towards the other under this Article is subject to the limits established in article 15.2.3 below; therefore, each Party waives any right to recourse against the other Party and/or its insurers for any damage exceeding said limits. In addition, each Party promises and guarantees to obtain a waiver from its own insurers regarding any recourse under the same terms and limits.
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Related to DAMAGE TO PROPERTY AND CONSEQUENTIAL LOSSES

  • Consequential Losses Except as otherwise specifically provided herein, neither Party shall be liable to the other Party for any indirect, incidental or consequential loss or damages irrespective of the causes, thereof including fault or negligence.

  • Damage to Property Of Others 1. We will pay, at replacement cost, up to $1,000 per "occurrence" for "property damage" to property of others caused by an "insured". 2. We will not pay for "property damage": a. To the extent of any amount recoverable under Section I;

  • Consequential Loss Notwithstanding anything contained in this Agreement, neither Party shall be liable to the other Party for any indirect, special, consequential, punitive, and/or exemplary damages or losses arising from any act or omission by that Party relating to this Agreement and each Party (the “Indemnifying Party”) shall defend, indemnify and hold the other Party (the “Indemnified Party”) harmless in respect of any and all such indirect, special, consequential, punitive, and/or exemplary damages or losses suffered or incurred by the Indemnifying Party (provided that nothing in this Clause 15 shall relieve any Party from any express obligation under this Agreement to make any payment to another).

  • Indemnity Consequential Damages and Insurance 18.1 Indemnity 18.1.1 Indemnified Party 18.1.2 Indemnifying Party 18.1.3 Indemnity Procedures 18.2 Consequential Damages 18.3 Insurance 18.3.1 18.3.2 18.3.3 18.3.4 18.3.5 18.3.6 18.3.7 18.3.8 18.3.9 18.3.10 18.3.11

  • Exclusion of Consequential Loss Despite any other provision of this Licence, both Parties exclude, and agree that they will have no rights against the other for liability for consequential or indirect loss arising out of this Licence including (without limitation) in respect of loss of profits or loss of business. This clause does not apply in respect of wilful acts by either Party.